Binary (BNX) has become the best winner on the market today, increasing 41% in the past 24 hours. Altcoin is currently negotiated at $ 1.75, noting an increase of 412% in the daily negotiation volume during this period.
The rally intervenes while traders position themselves before the exchange of highly anticipated BNX-Form token, scheduled for March 21.
BNX grows while merchants bet a lot before the swap token
Binaryx launched the Four platform.meme on July 3, 2024, then renowned for four for a more coherent identity. However, due to the widespread use of four in the parts community even, the team has chosen to change to train, announcing an exchange of 1: 1 tokens from BNX to form on March 21.
While the market awaits this exchange, traders have increased their accumulation of the BNX token. This is reflected by the open interest of Altcoin, which has climbed 33% in the last 24 hours and amounts to $ 96 million at the time of the press.
Open interest follows the total number of derivative contracts in progress, such as term contracts or options, which have not been settled. When it increases during a price rally like this, it indicates a growing market participation. He pointed out the optimistic condemnation among BNX holders while more and more traders open new positions to capitalize on the upward momentum.
In addition, its financing rate is also positive, supporting this upward perspective. This is currently 0.339%.
The funding rate is a periodic cost exchanged between long and short traders in perpetual term contracts to maintain prices aligned on the cash market. A positive financing rate such as this means that long traders pay open merchants. It indicates strong purchase pressure among BNX traders and confirms the bullish feeling on the market.
Can BNX exchanges above the key EMA-can bulls exceed it $ 1.85?
BNX is negotiated above its 20-day exponential mobile average (EMA) at its current price. This key mobile average measures the price of an asset in the last 20 days of negotiation, giving more weight at recent prices to help identify short -term trends.
When it is below the price of an asset, it is a bullish signal suggesting that the market is in an upward trend and that buyers control.
If BNX buyers strengthen their control and demand fly away, they could drive the price of Altcoin beyond the resistance to $ 1.77 and around $ 2.19.
However, if sales are growing, BNX could lose its recent earnings and dive at $ 1.77.
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